The Industrial and Commercial Bank of China (ICBC) Monday signed an agreement with the Standard Chartered Bank for expanded cooperation.
According to the agreement, ICBC and Standard Chartered Bank will cooperate in international trade settlement and fund settlement businesses in emerging markets.
The agreement allows ICBC to use the networks of the Standard Chartered Bank for credit card and fund settlement businesses in countries and regions where the ICBC has yet to establish its own facilities.
In return, the Standard Chartered Bank is allowed to use ICBC's facilities for credit card businesses in Chinese regions where it has not set up its own branches.
The two sides also agree to cooperate in financing and train staff.
Cooperation between the two leading banks can be dated back to 1987, when they started cooperation in foreign exchange businesses.
According to ICBC sources, the new deal will allow the two sides to share their resources for mutual benefits and sharpen the competitive edges of both sides pending China's expected accession to the World Trade Organization and enhanced competition in the banking sector.